Kathy Cummings: November 21, 2019

BANK OF AMERICA REPORT FINDS THAT HAPPY HOMEOWNERS WOULDN’T GO BACK TO RENTING

BANK OF AMERICA EXECUTIVE KATHY CUMMINGS DISCUSSES HOW AMERICAN HOMEOWNERS BELIEVE OWNING A HOME HAS CHANGED THEM FOR THE BETTER

 

 

Kathy Cummings, SVP

Homeownership Solutions & Affordable Housing Programs at Bank of America

 

 

The 2019 Fall Homebuyer Insights Report confirms what we suspected: owning a home makes Americans happier by giving them the power to build personal wealth and make valuable memories! In fact, 93% of American homeowners say they are happier than when they rented and 83% wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home and believe that owning a home has changed them for the better.

 

Bank of America SVP, Homeownership Solutions & Affordable Housing Programs, Kathy Cummings is available to discuss:

  • The surprising financial and emotional benefits that come with homeownership
  • How to determine if you’re ready to own a home
  • Steps you can take to get started and where you can get help with the upfront costs of buying a home

 

Spring 2019 Homebuyer Insights Report key findings:

  • Happy homeowners would never go back to renting because owning changed them for the better.
    • Nearly all (93%) homeowners say owning a home makes them happier than renting did, and 83% wouldn’t go back to renting
    • 79% say being a homeowner has made them a better person
    • More than three-quarters (76%) pursued new hobbies after buying a home, including: landscaping/gardening (47%), cooking/baking/grilling (45%), interior design/remodeling (33%)
  • Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including:
    • How much time they spend pursing hobbies (82% of current homeowners vs. 63% of prospective homebuyers)
    • The quality of their social life (78% of current homeowners vs. 58% of prospective homebuyers)
    • Counterintuitively, the financial wellbeing of homeowners is significantly higher than that of prospective homebuyers (77% vs. 42%)
  • Homeowners value emotional equity over financial investment
    • 58% of homeowners believe a home is a place where you make memories, compared to 42% who believe it is a financial investment

 

Bank of America’s $5 Billion Commitment to Affordable Homeownership: In April, Bank of America announced a $5 billion affordable homeownership initiative that today is helping eligible homebuyers across the country with their down payments and closing costs, making homeownership a reality for those who may have thought they’d never own a home of their own.

 

MORE ABOUT KATHY CUMMINGS:

Kathy Cummings leads the Homeownership Solutions and Affordable Housing Programs team for Bank of America’s Neighborhood Lending organization. In her role she helps clients move toward successful homeownership by educating them on the basics of homebuying.

 

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